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【华泰证券】惠伦晶体:5月15日上市首日定价报告

[Huatai] Huilun Crystal: pricing report on the first day of listing on May 15

華泰證券 ·  May 14, 2015 00:00  · Researches

Since its inception, the company has focused on frequency control and selection of components industry, is a professional engaged in piezoelectric quartz crystal components series product development, production and sales of high-tech enterprises. The company mainly produces piezoelectric quartz crystal resonators, with surface mount piezoelectric quartz crystal resonators as the leading products.

The company's products are widely used in communication electronics, automotive electronics, consumer electronics, mobile Internet, industrial control, household appliances, aerospace and military products and security products intelligence and other fields. The company's market share has increased year by year, ranking ninth in the world in 2013.

The company has core competitiveness in wafer design and processing. As one of the core components of piezoelectric quartz components, it has an important impact on product quality stability and performance. The process of product miniaturization, thinning and high precision occupies a leading position in the same industry in China. In 2008, the ultra-small, high-precision wireless communication 'frequency control and selection' surface mount components (SMD3225 26MHz) developed by the company won the title of national key new products. In 2010, the company achieved mass production of SMD2520 in China earlier, with a qualified rate of more than 90%. From 2011 to 2012, the company has achieved mass production of SMD2016 and SMD1612, achieved great-leap-forward development and reached the international advanced level. In addition, the company optimizes the layout of the production line and the equipment tooling and fixture, and sets the equipment parameters according to the characteristics of miniaturized products to improve the equipment compatibility, so that the production process is more scientific and reasonable, the production line operation is more efficient, and the stability of product quality is guaranteed.

It is estimated that the EPS of the company after dilution for 15-17 years is 0.35,0.44 and 0.48 yuan respectively. The company mainly produces piezoelectric quartz crystal resonators, with surface-mounted piezoelectric quartz crystal resonators as the leading products; combined with the success rate, stock fundamentals, valuation and the current market sentiment considerations, we give this new stock listed on the first day pricing range is 7.72-9.26 yuan. It is recommended that the investors who win the lottery continue to hold.

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